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RIFT

Energy · Eindhoven, Netherlands · Founded 2020

RIFT, short for Renewable Iron Fuel Technology, is a Dutch clean-tech company founded in 2020 as a spin-off from the Eindhoven University of Technology (TU/e). The company was established by former members of the TU/e student team SOLID: Mark Verhagen (CEO), Lex Scheepers, and Vincent Seijger (CTO), who aimed to commercialize iron fuel technology. Verhagen has a background in chemical engineering and business, while Seijger, a former maritime officer, pursued a master's in Sustainable Energy Technology, where he initially explored using iron as fuel for ships before realizing its potential on land. The core of RIFT's business is its Iron Fuel Technology, a circular system designed to provide high-temperature heat for industrial processes, thereby replacing fossil fuels. The technology functions like a rechargeable battery. Fine iron powder is burned in a boiler, releasing significant heat (up to 2,000 °C) to produce steam, hot water, or hot air without direct CO₂ emissions and with ultra-low NOx emissions. The only byproduct of this combustion is iron oxide, or rust, which is captured. This rust is then transported to a production plant where it is 'recharged' back into iron fuel using low-carbon hydrogen, completing the sustainable loop. This process makes iron a safe, dense, and easily transportable energy carrier, avoiding the infrastructural challenges associated with hydrogen. RIFT's business model involves supplying both the iron fuel boiler systems and long-term iron fuel contracts to its clients, operating a Hardware + Subscription model. The company targets energy-intensive, hard-to-abate industries such as food processing, chemicals, and building materials, where electrification or direct hydrogen use is often not viable. In June 2025, RIFT signed its first commercial contract with Kingspan Unidek, a manufacturer of insulation solutions, to install a full-scale iron fuel boiler at its facility in the Netherlands, expected to be operational by 2029. The company has successfully demonstrated its technology through pilot projects, including a 1 MW plant that provided heat for hundreds of households in Helmond. The company has secured significant funding to scale its operations. After an €11 million Series A round in 2024, RIFT raised a substantial €113.8 million in March 2026. This financing consisted of an €83.1 million Series B round led by Dutch pension fund investor PGGM and a €30.7 million grant from the EU Innovation Fund. Other investors include Invest-NL, Oost NL, Rubio Impact Ventures, and BOM. The funding is allocated to the development of its first commercial production facility, aiming to deliver 340 GWh of industrial heat annually and reduce CO₂ emissions by over one million tons over a 15-year period. RIFT's long-term goal is to reduce global CO₂ emissions by one gigaton annually by 2050. Keywords: iron fuel, industrial heat, decarbonization, circular economy, clean-tech, energy storage, renewable energy, metal fuel, rust recycling, hydrogen regeneration, process heat, hard-to-abate sectors, fossil fuel alternative, zero-emission heat, energy carrier, heat-as-a-service, industrial boilers, sustainable energy, Eindhoven University of Technology, Mark Verhagen